With John McCain’s “conscience” apparently deciding that ObamaCare should remain the law of the land, tax reform has become a must if the Republican-led Congress has any hopes of putting legislation on President Trump’s desk before the end of the year.
That said, many questions remain about what the Trump tax plan looks like and what should or should not be included in the tax proposal. Many an idealistic economic stimulus plan — and that is what the Trump plan is intended to achieve — have died the death of a thousand cuts on Capitol Hill due to over complexity, underwhelming policies, and political infighting and sand in the gears from special interests.
Based on media reports, Trump’s plan will attempt to achieve both corporate and personal tax policy changes, something the Obama administration never seriously attempted. And while we wait to see exactly what tax targets make up the Trump plan, here is a suggestion: Keep the plan as simple as possible to make it easier for both legislators and the public to support it. Or with a Congress that borders on the inept, KISS: keep it simple, stupids.